BP Plc is contemplating promoting a few of its older U.S. oil and gasoline fields after shopping for higher high quality ones from BHP Billiton Ltd. in July.
The gross sales can be a part of a beforehand introduced plan to dump as a lot as $6 billion of upstream property globally to fund a share buyback program of the identical quantity, London-based BP mentioned in an emailed assertion in the present day.
BP is without doubt one of the U.S.’s greatest gasoline producers with property in Colorado, New Mexico, Oklahoma, Texas and Wyoming protecting an space the dimensions of New Jersey. But the oil main now desires to focus its capital spending on the shale property that it agreed to purchase from Melbourne, Australia-based BHP in July for $10.5 billion, the corporate’s greatest acquisition for nearly 20 years.
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“Following the closing of BP’s just lately introduced acquisition of BHP’s U.S. unconventional oil and gasoline portfolio, BP Lower 48 could promote a portion of its legacy working property in U.S. onshore,” the corporate mentioned within the assertion. BP plans to concentrate on “increased return property,” it mentioned.
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